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Level 1

Question

Schedule k-1

Forum|Forum|5 years ago
March 31, 2021
2 replies
14 views

I received various K-1 forms for 2020. 2 of the K-1 forms were generated from limited partnership investment activity in my self-directed IRA... others were generated from a joint non-IRA account. I am certain I will need to report/file on the non-IRA account, however, do I need to enter anything for the IRA account activities since they are not taxable.

Level 15

You do not report any income (or loss) occurring within your IRA account on your tax return.

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Level 15

do the IRA k-1's report unrelated business taxable income (UBTI) in box 20?

if over $1000 you need to furnish the k-1's to the IRA trustee because the IRA owes a tax on the UBTI.

Mike9241